The A-grade tower, 201 Charlotte Street, offers 13,291 square metres of lettable area.
Anglo American Metallurgical Coal – the world’s third largest metallurgical coal mining company – is a tenant.
The building has a 13 per cent vacancy rate.
Based on the annual rental return 201 Charlotte Street currently reaps, it is selling on a 5.94 per cent initial yield.
Mr Davidson said the expressions of interest campaign attracted five bids from local groups and three international offers.
“When we look around the country, Brisbane is one of the most heavily traded markets in 2019 with investors finding favour in higher returns and improving fundamentals. We anticipate similar transaction volumes in the second and third quarter,” Mr Davidson said.
Mr Phipps said that Brisbane’s strong underlying economic fundamentals was a key drawcards for prospective purchasers.
“With the largest decline in vacancy of any major Australian CBD in the past 12 months, Brisbane is experiencing a dynamic economic recovery aided by forecasts that growth in Queensland’s Gross State Product will outpace the rest of the nation at 3.4% over the next five years,” the broker said.
“This, coupled with significant yield spreads to Sydney and Melbourne, is attracting buyers to Brisbane as a value proposition with genuine growth prospects.”
Mr Phipps added that the transforming location around 201 Charlotte Street had been another attraction for buyers, with the tower set to directly benefit from city shaping projects including Cross River Rail, the Waterfront Precinct and Queen’s Wharf Integrated Resort and Casino.
“These projects are set to vastly improve the immediate area and underpin future rental growth the across the office, retail and carparking components at 201 Charlotte Street,” Mr Phipps said.
“The building has also benefitted from recent refurbishments totalling more than $5 million, which have established 201 Charlotte Street as a lifestyle hub, offering childcare facilities, an F45 gym, café, end of trip facilities and a valet car service.”
Yesterday we reported that Hyatt was returning to Queensland after a seven year hiatus, leasing a hotel set to be constructed as part of the $700 million South City Square complex – about two kilometres south-east of the Brisbane CBD.